Asana, Inc. (NYSE:ASAN) shares are moving higher Friday after the company announced a share repurchase plan.
What Happened: Asana announced a $150 million share repurchase program of its Class A common stock through June 30, 2025.
The company specified that its not committed to purchase a specific number of shares, however, the board of directors has approved up to $150 million of share repurchases.
"This is a good investment opportunity for us as I believe our shares are undervalued given our immense long-term potential," said Dustin Moskovitz, co-founder and CEO of Asana.
"With over $500 million of cash, cash equivalents, and investments on the balance sheet and a commitment to becoming free cash flow positive by the end of this year, we have the financial leverage and resources.
ASAN Price Action: Asan shares are trading 9.85% higher at $12.49 as of Friday morning, according to Benzinga Pro.
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